ZEALAND PHARMA/S (ZEAL) Given “Buy” Rating at Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of ZEALAND PHARMA/S (NASDAQ:ZEAL) in a research report report published on Friday. Needham & Company LLC currently has a $26.00 price objective on the stock.
“Zealand mgmt hosted a conference call today to discuss the sale of its lixisenatide revenue stream to $205M cash. All royalties and nearly all milestone payments from Sanofi will now be diverted to Royalty Pharma. Zealand retained its right to receive a milestone payment of $10-15M from Sanofi in 2020. Net proceeds to Zealand will be approximately $150M after factoring for redemption of $24.7M royalty bond and a 13.5% payment to Alkermes. Considering our modest sales projections for lixisenatide products, we believe the transaction is priced fairly. Zealand ended 2Q18 w/ $73.1M cash. Near-term milestones include results from dasiglucagon Phase 3 trial in Acute Severe Hypoglycemia as well as Phase 3 trial initiations for glepaglutide in and dasiglucagon in Congenital Hyperinsulinism.”,” Needham & Company LLC’s analyst wrote.
ZEAL stock traded up $1.69 during trading on Friday, reaching $16.06. 115,235 shares of the stock were exchanged, compared to its average volume of 4,638. ZEALAND PHARMA/S has a twelve month low of $12.01 and a twelve month high of $20.37.
ZEALAND PHARMA/S Company Profile
Zealand Pharma A/S, a biotechnology company, engages in the discovery, design, and development of peptide therapeutics-based medicines in Denmark. It has a portfolio of proprietary medicines in late-stage clinical development focusing on gastrointestinal and metabolic diseases. The company markets lixisenatide for the treatment of type 2 diabetes under the brand names of Adlyxin and Lyxumia; and a combination of lixisenatide and insulin glargine for the treatment of type 2 diabetes under the brand names of Soliqua 100/33 and Suliqua.
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